This is a brief video summary of the weekly Montana Land Report from Montana Land Source for the week of 9/23/2020. The Montana Land Report summarizes the week's activity in the Montana land market, as well as Montana land news and events, and goes out to over 5,000 recipients. For more information go to https://mtlandsource.com. Please like, share and subscribe.
"Hi there, Andy Rahn with this week's video summary of the Montana Land Report.
This week, I'm coming to you from the Billings Association of Realtors office. We are holding our joint meeting with the Billings Farm and Ranch Brokers and the Southwest Farm and Ranch Brokers from Bozeman. Usually, this meeting is held in Big Timber, Montana. But because of coronavirus, we are holding it here at the Billings Association of Realtors, and making the meeting available on Zoom as well.
This meeting we have Dallas Fisher from Montana Drone speaking to us about drones. And we also have candidate for Lieutenant Governor Kristen Juris, and Greg Gianforte will be Zooming in as well to talk to us about their campaign and issues relevant to that.
Another extremely hot and busy week in the Montana land market.
A total of 39 property updates this week:
• 11 of those are new listings
• 12 are pending sales, and
• 14 sales
So again, record activity in the Montana land market.
Posted on Montana land source is an article from Forbes that came out about a week ago, talking about high-end large ranch purchases. They characterized these buyers as “billionaire cowboys” buying luxury and high large properties across America. But counter to the information in the article, actually in Montana what we're seeing is far more small and medium-sized properties trading than the large ranches. A lot of brokers have shared with us that actually, the extremely large ranches seem to be getting less interest. I think that is probably related to big ranches are generally an investment purchase, and that isn't necessarily the dominant motivation for buyers right now. A lot of buyers are looking to relocate immediately, so these smaller places are easier to move into. Large ranches are a big investment that takes time and consideration, and so those transactions aren't happening quite as readily. And although the article covered many of the factors that are driving this market, one thing they didn't talk about is the ability for people to work remotely, which we think is impacting the Montana land market. But of course, in the large large high dollar ranches that they're talking about, wage earners aren't exactly part of that demographic. So check that out on Montana Land Source.
In land news, the auction that was scheduled for next week in Belt Creek has been canceled. Apparently, they accepted a pre-auction offer. I'm personally disappointed, I was looking forward to going to that auction. Land auctions in Montana are pretty rare, so it's pretty interesting to be able to go to those, and see the dynamics of a land auction. But they're just rare in Montana. We see this quite often, where even if there's an auction scheduled, sometimes the deal happens before the auction. So that's what happened in that case
And finally, the sixth edition of the Ranch Investors podcast is out. We interviewed Max Hansen. And for those of the of you who know, Max Hansen is an expert in 1031 Exchanges. We're lucky to have him in the state. 1031 Exchanges are an important and popular vehicle for land transactions, and there's always changes and whatnot in the law with that, and he is on top of all that. So a very interesting podcast there. Check that out on mtlandsource.com, or anywhere where you get podcasts.
Thank you everybody, and we'll see you next week."